Briefly describe the planning process. Be sure to include summaries of the strategic, operating, and financial plans. Describe the components of a financial plan. What is the purpose of placing capital projects into categories such as mandatory replacement, or expansion of existing products, services, or markets? What is a post-audit? Why is the post-audit critical to good investment decision-making? What are the four steps of capital budgeting analysis? Should financial analysis play the dominant role in capital budgeting decisions? Explain your answer.
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